Legislation -
Concurrence Vote Passed
(Senate)
(48-1) -
June 30, 2012

Vote Result

Yea Votes

Nay Votes

Vote to concur with Senate amendments and adopt additional amendments to a bill that establishes a resource manufacturing tax credit.

Highlights:

Establishes a resource manufacturing tax credit of $0.05 per gallon of ethane purchased and used in the manufacturing of ethylene (Sec. 19).

Requires applicants for a resource manufacturing tax credit to meet all of the following requirements (Sec. 19):

The applicant is a purchaser of ethane for the manufacturing of ethylene in a facility that was created after the effective date of this chapter;

The applicant makes a capital investment of at least $1 billion to construct a facility in the state; and

The applicant creates a minimum of 2,500 full-time jobs during the construction phase of the facility.

Prohibits the resource manufacturing tax credit from being applied to more than 20 percent of the manufacturer's tax liabilities (Sec. 19).

Requires manufacturers to apply to the Department of Revenue of the Commonwealth in order to receive the resource manufacturing tax credit (Sec. 19).

Establishes a historic preservation incentive tax credit covering up to 25 percent of qualified expenditures incurred in the restoration of a qualified historic structure (Sec. 19).

Requires applications for a historic preservation incentive tax credit to be submitted to the Department of Community and Economic Development, and requires the tax credits to be granted on a first-come, first-serve basis (Sec. 19).

Limits the amount of tax credit certificates the Department of Community and Economic Development is authorized to grant to $3 million in any fiscal year, and to $500,000 to any single taxpayer (Sec. 19).

Exempts the transfer of a family farm business between members of the immediate family from the realty transfer tax if the family directly owns at least 75 percent of each class of the stock or interests in the business (Sec. 10).

Increases the research and development tax credit from $40 million to $55 million per fiscal year (Sec. 13).